NEW YORK (Bloomberg) — In a year when investors pulled an estimated $118 billion from hedge funds through November, Paul Tudor Jones was one of at least six managers who decided it was time to turn away cash.

BVI Global Fund Ltd., Jones' biggest, stopped taking new investments after bringing in $1.3 billion from March to July, according to a person with knowledge of the matter. Brookside Capital Partners LP and Woodbine Capital Advisors LP also have closed or restricted inflows, said people familiar with the firms, who asked not to be named because the funds are private.

Institutions and wealthy individuals have sought out managers with consistent long-term gains, especially those with funds previously closed to new investors. After firms such as DE Shaw & Co. and Polygon Investment Partners LLP froze or limited redemptions, investors also gravitated to funds that avoided such steps or eased restrictions quickly.

"Those managers that honoured their agreements and treated their investors as partners during the last 18 months of economic difficulties are being rewarded with additional money this year," said Debra Pipines, founder of New York-based Asperion Group LLC, which raises capital for hedge funds.

Managers usually stop taking new cash when they are concerned that their funds are getting too big to run effectively. They give up the chance to manage more money and earn more fees, usually two percent of assets, to protect their ability to produce investment gains, of which they typically take a 20 percent cut.

Hedge funds are loosely regulated private partnerships that can bet on rising or falling prices of any securities.

Jones, 55, has returned an average of 22 percent a year since he founded Greenwich, Connecticut-based Tudor Investment Corp. in 1986. The firm limited investor withdrawals from the $9.5 billion BVI fund in November 2008. It removed those restrictions three months later, placating some clients. Tudor, which oversees $11.5 billion, has kept smaller funds open.

Another manager that is restricting new cash is Brookside Capital Partners, a $10 billion affiliate of Boston-based private-equity firm Bain Capital LLC. It raised about $1 billion from investors, according to a person familiar with the firm. Brookside, which invests in stocks, has returned about 16 percent this year, after losing 16 percent in 2008.

While investors tended to flock to established firms, one exception was Woodbine, founded in January by Josh Berkowitz and Marcel Kasumovich, former executives at George Soros's hedge- fund company, along with three other partners.

The New York-based firm, which started with $185 million, cut off new investments last month after assets reached $2.5 billion, according to people familiar with the matter. Woodbine runs a so-called macro fund, which seeks to profit on broad economic trends by trading stocks, bonds, currencies and commodities.